Skyworth, a hong-kong based electronic conglomerate, is steadfast to invest approx $100 million (Rs 700/- Crore INR) to set up a manufacturing unit in Hyderabad. The electronic giant has procured a 50-acre plot for its campus by the E-City (well-known as Fab City) in Maheshwaram, near Shamshabad Airport. In the subsequent years, its Hyderbad investment in the greenfield facility can well last Rs 2000 crore.
Upcoming Projects in Hyderabad
This is considered to be an initial step by Skyworth Company, the $5 billion turnover company for the “Make in Telangana” project that includes the development of Led TVs, set-top boxes, washer machines, air conditioners, refrigerators and lithium batteries for electric vehicles. It is expected that this ultimate move by the consumer electronics company will give a boost up to the Telangana government’s objectives to turn this youngest metropolitan city to a global electronics manufacturing hub.
On Nov 29, at the occasion of Skyworth Group, chief Lai Weide inked MoU in Telangana with the government represented by IT & industries minister KT Rama Rao. KTR stated that Skyworth investment in Hyderabad would create around 5,000 direct and indirect jobs giving a significant leg-up to the unemployed youngsters.
Skyworth Hyderabad Investments Future Aspects
Skyworth Group Chairman Lai Weide said, "In addition to bringing excellent production skills, economies of scale through the competent supply chain, Skyworth will provide future products for Indian consumers, as well as enhance local know-how. The company has encouraged its support of the electronics manufacturing policy of Telangana. Skyworth Group executive Vice President Wang Zenjun said that the company is committed to Indian markets, and would continue to make significant investments on a staggered basis, as he called India a very important area for the global expansion plans for Skyworth.
At present, the Chinese player is already producing LED TVs under the Skyworth and METZ names at an outsourcing plant in Hyderabad and will be expanding their manufacturing base under the name of Radiant Appliances & Electronics Pvt Ltd. The consumer electronics company continues in the first phase by using LED televisions and set-top boxes. It will continue to add EP batteries and a range of white goods such as AC, refrigerators and washers during additional stages over the next several years.
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